Demand generation isn’t just another part of marketing. It’s the outcome of all kinds of marketing activities working together. It’s not just about paid ads or account-based marketing (ABM).
If only it were that simple! No wonder a recent survey revealed that only 73% of marketers feel somewhat successful in implementing data-driven B2B demand generation campaigns.
Many B2B marketers still view demand generation as a series of tactics rather than a broader marketing strategy.
Let’s walk you through the most common approach to crafting a winning B2B demand generation strategy used by companies like Elevated Third. Are you ready to discover how to build a strategy that drives more revenue? Let’s help you improve your strategy!
First Things First – Understanding B2B Demand Generation
So, what is B2B demand generation? It covers a lot. Essentially, anything you do to increase awareness of your products or services falls under the demand generation concept. But it’s more than just that.
The main goal of these campaigns is not only to build interest but also to channel that interest into a sales pipeline that you can analyze, predict, and use to grow your business and increase sales.
Demand generation is a series of steps that go along the customer journey. Following those steps can be decisive for your future successful business. It can be broken down into five core phases:
- Create demand – kickstart interest.
- Capture demand – seize that interest.
- Revive demand – bring back the interest.
- Accelerate demand – speed up the interest.
- Expand demand – cultivate and broaden the interest.
It’s vital to measure, track, and predict each of these points. A sophisticated demand generation campaign ensures that customers have the right information at each of these points to encourage them to purchase what you offer.
Key Tactics For B2B Demand Generation
No one says that demand generation is easy. To make it go with ease, involve various tactics to draw attention and guide people on their journey of discovering your product.
Let’s highlight some key tactics you should incorporate into your demand-generation strategies and campaigns.
#1 Paid Media
Paid media includes pay-per-click ads, paid social media ads, or ad space (ads that you pay for in videos, podcasts, and other recorded media).
Paid media is crucial for getting your message straight to potential customers, especially early on when blog posts or free social posts might not have much visibility or impact.
Events are incredibly valuable inbound marketing tactics that can help you generate a lot of demand. Webinars, live streams, giveaways, trade shows, and virtual events are excellent opportunities for outreach.
Providing valuable content or addressing customer pain points can make your event stand out.
#3 Content Marketing
Every inbound marketing strategy has to include content marketing. Consequently, it is a powerful tool for demand generation.
What does it imply? A good content marketing strategy means that you create relevant content that aligns with your brand and target audience’s needs.
You can also use content marketing to showcase your expertise in the field and explain how your product or service can solve problems.
#4 Marketing To Customers
Marketing includes actions not only to attract new leads but also to retain existing ones. Happy customers can become advocates for your brand, spreading the word and bringing in leads through referrals. That is why customer marketing is more than essential.
#5 Product Marketing
Product marketing is crucial not just at the stage of launch. You have to prepare your target audience for its release before it happens.
Make sure your marketing team has all the needed tools and information to promote a product. You are able to increase brand awareness and generate a lot of reliable leads even before they see the actual product.
Different Stages Of Boosting Demand
To boost demand, it’s crucial to understand the five stages of customer awareness: unaware, problem aware, solution aware, product aware, and most aware. Tailoring your approach to each stage is key to boosting demand effectively.
#1 Unaware Phase
At this stage, try to focus on content marketing strategies across your social media. Also, it is important to actively use SEO services.
#2 Problem Aware Phase
Create content highlighting potential pain points that potential customers might not even realize they have.
#3 Solution Aware Phase
Consequently, the next step is to show your potential customers how you can solve those problems. Make emphasis on the content that can display those solutions.
#4 Product Aware Phase
The best way to behave at this stage is to present solutions in action. It can be some case studies, practical applications, and reviews. Give as much information about the product as possible.
#5 Most Aware Phase
Convince prospects that your solution is the best, offering discounts or free trials to encourage them to become your customers.
Important Metrics Regarding Demand Generation Campaigns
As with any other business process, demand generation has its key performance indicators (KPIs) and metrics. What is it for? Your task is to analyze and use them to attract more B2B buyers. Let’s figure out what metrics it is.
#1 Qualification Rate
Measure how well your marketing team is tracking and qualifying leads before passing them on to the sales team.
#2 Average Deal Size
Calculate the value of your new customer. In other words, forecast the probable size of a new deal.
#3 Cost Per Acquisition (CAC)
Determine how much it costs to acquire a paying customer, helping optimize marketing strategies.
#4 Cost Per Lead (CPL)
Assess what you’re paying for each lead and compare it with other metrics to identify profitable leads.
#5 Customer Lifetime Value (CLTV)
In order to establish reasonable pricing strategies and estimate extra services, calculate an average profit per customer that you expected in the estimated period.
Understanding and using these metrics can significantly enhance your demand-generation efforts.
Wrapping Up: B2B Demand Generation Importance
Having a clear understanding of B2B demand generation and using various tactics and metrics is vital to creating an effective demand generation strategy.
By focusing on customer awareness stages and aligning your marketing strategies accordingly, you can boost demand and drive more profit for your business. Keep measuring and analyzing your efforts to refine and optimize your demand generation approach.